March 27
Angela Merkel: "When the crisis is over, one will have to shuffle again and see who came out strengthened".
The Chancellor rejects USA's idea that her nation needs to strengthen domestic demand to help restore the balance in an asymmetric world economy.
More crucial for the future, in Merkel's opinion, is making sure the German companies do not lose their technologic edge. "So will China do. So will the USA do".
We are talking about building a new global financial market architecture and we will not be able to finish this in London ... We will definitely need to meet again.
March 30
New reserve currency could come quickly-Stiglitz
A reserve currency system based on an IMF unit instead of the US dollar, a proposal floated by China, could be phased in within a year, Nobel Prize-winning economist Joseph Stiglitz said on Thursday.
"The dollar reserve system is deflationary, unstable and it also has some inequity associated with it" Stiglitz said.
March 31
Strengthen Regional Financial Cooperation and Actively Conduct Currency Swap PBC
Since the outbreak of the international financial crisis, China's central bank has been actively engaged in cooperation initiatives at the international and regional level, including the signing of a few bilateral currency swap agreements with neighboring countries and regions, which has boosted the confidence and capability of all parties concerned to handle the ongoing crisis.
Until recently, the PBC has signed 6 bilateral currency swap agreements with other central banks (monetary authorities) totaling 650 billion yuan, including the framework agreement signed with the Bank of Korea involving 180 billion yuan on December 12, 2008, the formal agreement signed with the Hong Kong Monetary Authority involving 200 billion yuan on January 20, 2009, the formal agreement signed with the Bank Negara Malaysia involving 80 billion yuan on February 8, 2009, the formal agreement signed with the National Bank of the Republic of Belarus involving 20 billion yuan on March 11, 2009, and the formal agreement signed with the Bank Indonesia involving 100 billion yuan on March 23, 2009, on March 29, 2009 in the sideline of the Annual Meeting of the Inter-American Development Bank Group, Governor Zhou Xiaochuan signed with the Central Bank of Argentina a framework agreement on currency swap involving 70 billion yuan, which will be soon followed by a formal agreement.
April 1 Beijing strikes in currency war as Argentina to use yuan
China and Argentina have agreed to swap to avoid using US dollars in trade between the nations, as Beijing ratchets up the pressure on Washington.
In a bid to force the US to relax its grip on global financial institutions, China yesterday announced a deal with Argentine.
China has been pushing to end the dollar's international dominance as a currency. Royal Bank of Scotland economist Ben Simpfendorfer said a "de facto adoption of the yuan as an Asian currency unit" may be on the cards, with China becoming the major trading partner of most other Asian countries.
